₦36bn fraud: Ex-Skye Bank chairman enters EFCC net

• The Economic and Financial Crimes Commission arrested Tunde Ayeni in Abuja over alleged fraud involving ₦36.54bn and $30m.

• The funds were reportedly obtained as loans from Polaris Bank through companies linked to him.

• Investigators say the loans, intended for projects such as marine security and power contracts, were diverted to other uses.

• The EFCC is probing 12 companies tied to Ayeni, and he is expected to be charged in court after investigations conclude.

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has taken former Skye Bank chairman Tunde Ayeni into custody over an alleged multi-billion-naira fraud case.

Ayeni, a prominent lawyer and investor, was reportedly arrested in Abuja on Thursday and is currently being held at an EFCC facility while investigations continue.

According to sources close to the case, the arrest is tied to allegations of money laundering, misappropriation, and diversion of funds totaling about ₦36.54 billion and $30 million.

The funds are believed to have been obtained as loans from Polaris Bank through multiple companies linked to Ayeni.

One source familiar with the investigation said:

“Operatives of the EFCC have arrested a former board chairman of the defunct Skye Bank Plc and businessman, Tunde Ayeni, in connection with alleged money laundering, misappropriation, and diversion of funds to the tune of ₦36,540,058,400.00 and $30m. Ayeni was arrested following investigations into the alleged misappropriation and diversion of funds obtained from Polaris Bank Plc by different entities linked to him.”

Investigators claim that although the loans were secured for specific projects, they were later redirected elsewhere.

“The funds were loans allegedly obtained for specific investment projects but were subsequently transferred to other entities’ accounts. Investigations showed that although the loans were obtained for purposes such as financing marine security activities, electricity distribution contracts, and estate development, they were diverted to the NITEL/MTEL asset acquisition through the NATCOM account,” the source added.

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Another insider revealed that at least 12 firms allegedly connected to Ayeni are currently under EFCC scrutiny.

“Twelve different companies linked to Ayeni are being investigated by the EFCC. They are entities he allegedly used to obtain loans from Polaris Bank for his activities. The loans are depositors’ funds allegedly obtained and diverted for other purposes. Ayeni will be arraigned in due course upon the conclusion of investigations.”

EFCC spokesperson Dele Oyewale confirmed the arrest but did not go into details.

Tunde Ayeni, born April 4, 1967, is a well-known Nigerian businessman and legal practitioner with interests across banking, energy, and real estate.

He rose to prominence in 2011 when he became chairman of Skye Bank (now Polaris Bank), a financial institution created in 2005 after the merger of five banks. Earlier, he founded Bond Bank in 2000.

Ayeni has also played key roles in Nigeria’s financial and energy sectors. He became a major stakeholder and vice chairman of ASO Savings & Loans in 2007 and later led a successful bid for electricity distribution companies in Ibadan and Yola under the country’s power sector privatization drive.

Beyond business, he has been known for philanthropy and advocacy for reforms aimed at improving Africa’s business environment.

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The EFCC is expected to conclude its investigation before filing formal charges. Sources say Ayeni will be arraigned in court once that process is complete.

The case is already drawing attention, especially given its scale and the involvement of major financial institutions, making it one to watch in Nigeria’s ongoing fight against financial crimes.